PHL economy grows 6.7% in 2017

The country’s economy grew 6.7 percent in full year of 2017 in terms of gross domestic product (GDP).

“We are glad to report that the performance of the Philippine economy remains on target, hitting a solid 6.6 percent growth rate in the last quarter of 2017,” Socioeconomic Planning Secretary Ernesto Pernia said in a statement January 23.

“This stable performance brings our full-year growth in 2017 to 6.7 percent — a strong finish that keeps our position as one of the fastest-growing economies in Asia after China’s 6.9 and Vietnam’s 6.8 percent,” he added.

Pernia said growth in the fourth quarter was backed by robust growth of 14.3 percent in public spending—that was really the main driver, public spending—which was an increase from 4.5 percent in the previous year

“This is very much in line with the government’s commitment to timely delivery of public services and social protection programs, including assistance to victims of typhoons as well as in the Marawi conflict, public scholarship programs, and health expenditure programs,” he said.

“Certainly, the Philippine economy remains strong and there is still more room to grow. The government remains committed to making this growth inclusive. And we hope the private sector and every Filipino will be one with us in our effort to translate this growth into what we have termed: matatag, maginhawa at panatag na buhay para sa lahat,” Pernia said.